Massachusetts Financial Services Co. MA reduced its stake in shares of First Republic Bank (NYSE:FRC) by 30.0% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 245,256 shares of the bank’s stock after selling 104,870 shares during the quarter. Massachusetts Financial Services Co. MA owned 0.16% of First Republic Bank worth $22,713,000 as of its most recent filing with the SEC.
Several other large investors also recently made changes to their positions in the stock. Bbva Compass Bancshares Inc. raised its holdings in shares of First Republic Bank by 48.9% during the 1st quarter. Bbva Compass Bancshares Inc. now owns 18,427 shares of the bank’s stock valued at $1,706,000 after buying an additional 6,048 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in First Republic Bank by 5.7% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 32,620 shares of the bank’s stock worth $3,021,000 after purchasing an additional 1,758 shares during the last quarter. Mackay Shields LLC purchased a new stake in First Republic Bank during the 1st quarter worth approximately $1,149,000. DekaBank Deutsche Girozentrale increased its holdings in First Republic Bank by 963.7% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 128,516 shares of the bank’s stock worth $11,841,000 after purchasing an additional 116,434 shares during the last quarter. Finally, Reilly Financial Advisors LLC increased its holdings in First Republic Bank by 3.6% during the 1st quarter. Reilly Financial Advisors LLC now owns 117,222 shares of the bank’s stock worth $10,856,000 after purchasing an additional 4,053 shares during the last quarter.
Several equities research analysts have issued reports on FRC shares. Keefe, Bruyette & Woods restated a “hold” rating and set a $95.00 price objective on shares of First Republic Bank in a report on Tuesday, February 27th. Zacks Investment Research upgraded First Republic Bank from a “strong sell” rating to a “hold” rating in a report on Tuesday, March 20th. Jefferies Group restated a “hold” rating and set a $88.00 price objective on shares of First Republic Bank in a report on Wednesday, April 18th. Royal Bank of Canada restated a “hold” rating and set a $96.00 price objective on shares of First Republic Bank in a report on Friday, April 13th. Finally, UBS started coverage on First Republic Bank in a report on Wednesday, March 21st. They set a “neutral” rating and a $100.00 price objective on the stock. One analyst has rated the stock with a sell rating, ten have given a hold rating and four have issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $100.77.
First Republic Bank (NYSE:FRC) last issued its earnings results on Friday, April 13th. The bank reported $1.13 EPS for the quarter, topping the consensus estimate of $1.06 by $0.07. The company had revenue of $720.90 million during the quarter, compared to analyst estimates of $732.68 million. First Republic Bank had a return on equity of 11.76% and a net margin of 25.33%. The business’s revenue was up 10.9% on a year-over-year basis. During the same quarter last year, the firm earned $1.01 EPS. equities analysts expect that First Republic Bank will post 4.8 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Thursday, May 10th. Stockholders of record on Thursday, April 26th were given a $0.18 dividend. This is a positive change from First Republic Bank’s previous quarterly dividend of $0.17. The ex-dividend date was Wednesday, April 25th. This represents a $0.72 annualized dividend and a dividend yield of 0.73%. First Republic Bank’s dividend payout ratio (DPR) is presently 16.71%.
About First Republic Bank
First Republic Bank, together with its subsidiaries, provides private banking, private business banking, real estate lending, and wealth management services to clients in metropolitan areas of the United States. It operates through two segments, Commercial Banking and Wealth Management. The company offers deposit products, such as checking, money market checking, savings, and passbook deposits, as well as certificates of deposit.
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